Major stock markets in the Gulf ended mixed on Sunday, with Saudi Arabia’s index pressured by real estate and banking shares, but a 10% surge in Qatar Insurance lifted the Qatari index.
Saudi Arabia’s benchmark index fell 1%, recording its sixth consecutive decline.
The luxury real estate developer Retal Urban Development lost 3% while Al Rajhi Bank was down 1.8%.
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Among other stocks, Saudi Tadawul Group fell 4.7% after its annual profit declined more than 27% to 424.6 million riyals ($113.17 million).
The latter also slashed its annual dividend to 2.31 per share from 3 riyals a year ago.
Middle East Healthcare jumped 10% after its annual profit soared more than 300% compared to a year earlier.
The Qatari Stock index rose 0.7%, ending three consecutive sessions of losses, buoyed by its financial stocks.
Gulf’s largest insurer Qatar Insurance jumped nearly 10% for second consecutive session with about 9 million shares trading hands, marking a turnover of over 15 million riyals - its largest since September, after saying its listed unit in Oman, Oman Qatar Insurance acquired another listed rival Vision Insurance.
The insurer on Wednesday hit a more than 13-year low after reporting a consolidated net loss of 637 million riyals ($174.14 million) for fiscal year 2022, compared to a profit of 630 million riyals ($172.23 million) a year earlier.
Outside the Gulf, Egypt’s blue-chip index added 1.2%, led by gains in almost all sectors, with Commercial International Bank rising 1.3% and Telecom Egypt gaining 4.2%.
SAUDI ARABIA fell 1% to 10,052
QATAR was up 0.7% to 10,542
EGYPT rose 1.2% to 17,213
BAHRAIN down 0.1% to 1,937
OMAN up 0.2% 4,659